EXHIBIT 11
Radian Group Inc.
Schedule of Net Income Per Share
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(In thousands, except per-share amounts and market prices) | 2003 | 2002 | 2003 | 2002 | ||||||||||
Net income | $ | 113,978 | $ | 106,561 | $ | 330,424 | $ | 319,416 | ||||||
Preferred stock dividend adjustment | — | (825 | ) | — | (2,475 | ) | ||||||||
Premium paid to redeem preferred stock | — | (3,003 | ) | — | (3,003 | ) | ||||||||
Adjusted net income | $ | 113,978 | $ | 102,733 | $ | 330,424 | $ | 313,938 | ||||||
Average diluted stock options outstanding | 5,334.8 | 5,058.7 | 5,500.3 | 5,218.1 | ||||||||||
Average exercise price per share | $ | 29.58 | $ | 22.13 | $ | 29.37 | $ | 25.52 | ||||||
Average market price per share - diluted basis | $ | 44.81 | $ | 41.25 | $ | 39.46 | $ | 46.28 | ||||||
Average common shares outstanding | 93,558 | 94,761 | 93,431 | 94,564 | ||||||||||
Increase in shares due to exercise of options – diluted basis | 1,328 | 1,274 | 1,083 | 1,537 | ||||||||||
Adjusted shares outstanding – diluted | 94,886 | 96,035 | 94,514 | 96,101 | ||||||||||
Net income per share – basic | $ | 1.22 | $ | 1.08 | $ | 3.54 | $ | 3.32 | ||||||
Net income per share – diluted | $ | 1.20 | $ | 1.07 | $ | 3.50 | $ | 3.27 | ||||||